GlobalBlock Provides Business and Trading App Update
- New trading app sees significant number of downloads in first two months since launch -
- New client acquisitions resulting from renewed marketing positions GlobalBlock well for future sector-wide growth -
London, United Kingdom and Vancouver, British Columbia--(Newsfile Corp. - September 22, 2022) - GlobalBlock Digital Asset Trading Limited (TSXV: BLOK) (OTC Pink: BLVDF) (FSE: BD4) (the "Company" or "GlobalBlock"), is pleased to announce that the launch of its mobile trading app in late July 2022, on both Apple's App store and Google's Play store, has started to yield significant new client sign-ups for the Company's wholly-owned operating subsidiary, GlobalBlock Europe, UAB ("GBE"), a service led digital asset broker. Across both platforms and with a very targeted, cost-effective marketing spend, 1288 downloads were registered during August 2022. Accounting for bots and existing client downloads, GBE has doubled its existing client base and the progress for September 2022 so far, is equally encouraging. The Company notes that the conversion rate of people who downloaded and proceeded to fully KYC (Know Your Customer) completed clients is 9% and the rate of download to registration is 26%. The Company believes these conversion metrics are higher than comparable industry averages. GlobalBlock's mobile trading app was developed in house using a highly flexible and cost-effective technology team.
During this year's industry-wide consolidation, GBE has also managed to reduce its cost base following the successful completion of its operational migration to GBE in Lithuania. The Company has also significantly grown its intellectual property, through both the development of the mobile trading app and the development of a propriety data system, the 'GlobalBlock Engine'. This data engine will drive reporting efficiencies as well as streamline the integration of new products and partners.
Rufus Round, CEO of GlobalBlock, commented:
"Given that online marketing generally achieves customer engagement levels of 5% with finance apps generally at 20%, our app download results after nearly two months are extremely encouraging. Our first month rate of 26% should be a floor as we hone our engagement practices. GlobalBlock's brand recognition is clearly having a positive effect in the face of significant general market weakness.
"Crypto is here for the long run, our clients both existing and new are testament to this. We have used current market conditions to get our heads down, increase the company's IP, streamline our cost base, grow the client base, and prepare for the next up-swing."
ABOUT THE COMPANY
GlobalBlock Digital Asset Trading Limited is a publicly traded holding company (TSX Venture: BLOK) whose wholly-owned operating subsidiary, GlobalBlock Europe, UAB (https://www.globalblock.eu), is a European Union based digital asset broker that provides a personalised telephone brokerage service, trading platform and mobile app. Established by an experienced team of financial services professionals, GlobalBlock Europe, UAB acts as a trusted agent serving the digital asset needs of individuals, corporations, institutional financial firms and intermediaries, providing best execution trading and safe custody of digital assets. At this time, clients or customers based in Lithuania and the UK can be onboarded to its digital asset broker and trading services.
For further information please contact the Company at:
Rufus Round, CEO
c/o 65 Curzon Street, London, W1J 8PE, United Kingdom
Tel. +44 20 3307 3795
Citigate Dewe Rogerson
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this news release constitutes forward-looking statements or information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things: the continued and successful development of the businesses and technologies of each of the Company and its subsidiaries, the adoption of the Company's technologies, the continued adoption of digital assets, the effectiveness of the Company's marketing plan, the exposure that the Company and its subsidiaries have to stablecoin and yield products and plans, future action and future successes of the Company, and its businesses, technologies and products described herein. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's most recent management's discussion and analysis, a copy of which is filed on SEDAR at www.sedar.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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